Cal-Maine Foods down after co swings to quarterly loss on decline in egg prices
CALM•Prepared foods expansion and legal backdrop
Cal-Maine's prepared foods production capacity is projected to rise more than 60% from the end of fiscal 2026 to the first half of fiscal 2028.
Last month, the U.S. Justice Department and a coalition of 17 states reached a settlement with Cal-Maine Foods and two other major egg producers over an investigation into alleged manipulation of egg prices.
As of the last close, the stock was up about 10% year to date.
Shares fall after quarterly loss and revenue miss
- Shares of egg supplier Cal-Maine Foods
CALM.Ofall about 4% to $84.04 premarket. - The company swung to a loss in the fourth quarter following a sharp decline in egg prices as the industry moved from supply shortages last year to oversupply.
- Cal-Maine posted a quarterly loss of 76 cents per share, after profit of $7.1 per share a year ago; analysts estimated a profit of 8 cents per share, according to LSEG.
- The company reported Q4 revenue of $552.6 million, missing analysts' estimates of $563.8 million.
CEO says oversupply drove historically low egg prices
During the quarter, industry oversupply drove wholesale shell egg prices to historically low inflation-adjusted levels, CEO Sherman Miller said.
